Gold hits Rs 1.3 lakh/10 g, breaches USD 4,100/ounce in global markets
New Delhi (PTI): Gold prices on Tuesday surged by Rs 2,850 to reach an all-time high of Rs 1,30,800 per 10 grams in the national capital, driven by heavy festive buying by retailers and jewellers ahead of 'Dhanteras'.
According to the All India Sarafa Association, the precious metal of 99.9 per cent purity had closed at Rs 1,27,950 per 10 grams on Monday.
Gold of 99.5 per cent purity also advanced by Rs 2,850 to hit a record Rs 1,30,200 per 10 grams (inclusive of all taxes), from the previous close of Rs 1,27,350 per 10 grams.
So far this year, gold prices have increased by Rs 51,850 or 65.67 per cent from Rs 78,950 per 10 grams on December 31, 2024.
"Gold and silver have hit new highs, propelled by geopolitical concerns, supply constraints, and strong domestic investment demand, amplified by a weaker rupee. The ascending trend is intact, but the steep 'V-shaped' price action introduces significant volatility risk," Dilip Parmar, Research Analyst at HDFC Securities, said.
Silver also surged by Rs 6,000 to hit a lifetime high of Rs 1,85,000 per kilogram (inclusive of all taxes), marking its fifth consecutive day of gains. The white metal had settled at Rs 1,79,000 per kg in the previous market session.
Traders attributed the sharp rise in bullion prices to sustained demand from jewellers and retailers in the run-up to the festive and wedding season, along with a weaker rupee that slipped 12 paise to revisit its all-time low of 88.80 against the US dollar on Tuesday.
Silver prices have surged by Rs 95,300 or 106.24 per cent in the current calendar year, skyrocketing from Rs 89,700 per kilogram on December 31, 2024.
In the international market, spot gold retreated from record highs but remained elevated, trading 0.72 per cent higher at USD 4,140.34 per ounce after touching an all-time high of USD 4,179.71 per ounce earlier in the day.
"Spot gold, having risen for eight straight weeks, surged to a fresh record high of USD 4,179 per ounce.
"The metal is gaining on rate cut expectations, huge exchange traded fund (ETF) inflows, de-dollarisation and concerns over US economy as partial government shutdown continues," Praveen Singh, Head of Commodities and Currencies at Mirae Asset Share Khan, said.
Spot silver also pulled back after hitting a lifetime high of USD 53.54 per ounce and was trading 3.15 per cent lower at USD 50.72 per ounce.
"Silver has surged sharply as investors rotate out of the dollar into tangible assets, reflecting mounting apprehension over US fiscal stability and the autonomy of the Federal Reserve.
"Supply constraints have intensified, with robust shipments to the United States amid concerns of potential import tariffs draining London inventories to multi-year lows," Riya Singh - Research Analyst, Commodities and Currency, Emkay Global Financial Services, said.
She added that "India, the world's largest consumer of silver, the white metal prices are trading at a steep premium of up to 10-15 per cent over global benchmarks, driven by robust investment and festival-related demand, prompting physically backed ETFs to halt new subscriptions."
Riya Singh further pointed out that silver is likely to maintain its upward trajectory toward Rs 1,94,639 per kilogram level for the domestic markets, while on the international front, it could test with an upside potential of USD 59.89 per ounce.
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Siddaramaiah stresses need to establish Supreme Court bench in South India
Bengaluru (PTI): Karnataka Chief Minister Siddaramaiah on Saturday stressed the need to improve accessibility to the highest court of the land, asserting that establishing a Supreme Court bench in South India would go a long way in ensuring justice.
Speaking at the 22nd Biennial State Level Conference of Judicial Officers with a theme 'Reimagining the Judiciary in the era of Artificial Intelligence', he said, the authority of a judge must never be overshadowed by the authority of an algorithm.
"Even as we explore these new frontiers, we must remain mindful of the enduring challenges facing our judiciary," the chief minister said.
"Pendency of cases continues to be a serious concern that affects the timely delivery of justice. While technology can provide tools to address this, it must be complemented by systemic reforms through strengthening infrastructure, increasing judicial capacity, and modernising court processes," Siddaramaiah said.
"There is also a strong and compelling need to improve accessibility to the highest court of the land. The establishment of a Supreme Court bench in South India would go a long way in ensuring justice," he said.
Chief Justice of India, Surya Kant, Supreme Court Judges B V Nagarathna and Aravind Kumar and Chief Justice of High Court of Karnataka Vibhu Bakhru were among those present.
The CM said, "We stand today at a defining juncture where law and technology are no longer separate domains, but interconnected forces shaping governance, rights, and the very nature of justice itself."
"Artificial Intelligence is emerging as a transformative force that challenges how we interpret evidence, how we understand facts, and how decisions are arrived at. It offers immense promise, aiding faster legal research, improved case management, and the possibility of reducing pendency through intelligent systems," he said.
"Yet, it also raises profound concerns. Algorithmic bias can undermine the guarantee of equality before law. Opaque systems may weaken the doctrine of reasoned decisions, which lies at the heart of our judicial process," he added.
Siddaramaiah said, Judicial independence, which is the cornerstone of our democracy, must be preserved not only from external pressures but also from subtle technological dependence.
"The authority of a judge must never be overshadowed by the authority of an algorithm," he said.
Pointing out that the emergence of AI-generated evidence presents new challenges for our legal system, the CM said, Deepfakes, synthetic data, and machine-generated content compel us to revisit established doctrines relating to admissibility, burden of proof, and authenticity.
"The courts will increasingly be called upon to determine what constitutes reliable evidence in a digital age. In doing so, we must ensure that truth remains grounded in verifiability and integrity, not merely in technological sophistication," he said.
Hoping that the judiciary will play a defining role in shaping the regulatory framework for artificial intelligence in India, he further said, "through well-established constitutional doctrines such as due process, proportionality, and the right to privacy, our courts will determine the contours within which AI must operate."
"The judiciary, therefore, is not only a user of technology but also the ethical compass that will guide its deployment in society," he added.
Noting that technology also offers meaningful opportunities to strengthen judicial processes, Siddaramaiah said, AI-assisted legal research may democratise access to precedents and reduce disparities in legal knowledge.
Siddaramaiah also said that blockchain technology holds promise in ensuring secure, tamper-proof judicial records. Stating that the intelligent case management systems can streamline court functioning and reduce delays, he said, "However, these innovations must be adopted with care, ensuring that efficiency does not come at the cost of fairness."
"In this transformation, the capacity of our judicial institutions becomes critical. Judges of the future must be equipped not only with legal acumen but also with a clear understanding of technological systems," he added.
Stating that the question is how artificial intelligence intersects with the fundamental principles of equality and social justice, the CM said, if not carefully designed and regulated, AI systems can replicate and even amplify existing social inequalities.
No algorithm can replace the human capacity for empathy, the wisdom that comes from lived experience, or the moral reasoning that defines judicial decision-making, he said, "Technology can assist, but it cannot replace the human conscience that lies at the heart of justice."
Siddaramaiah said, the Government of Karnataka remains committed to building robust judicial infrastructure, facilitating digital transformation, and creating an ecosystem where innovation and justice can progress together.
